LOS ANGELES–(BUSINESS WIRE) – Motorcar Parts of America, Inc. (Nasdaq: MPAA) today announced that it has extended the maturity date of the loan agreement for the existing credit facility of the company led by PNC Bank, NA until in May 2026 – including changes that further improve the solid liquidity base. The amount of the credit facility remains unchanged, with a total facility of approximately $ 269 million – consisting of a $ 238.62 million gun and a $ 30 million term loan facility.
“The extension and related changes recognize the strategic milestones of the company and the additional benefits we hope to derive from our investments. We are pleased with the continued support from PNC Bank and the Loan Union, and look forward to continuing a strong working relationship, ”said Selwyn Joffe, Chairman, President and CEO.
Additional details regarding the Amended Credit Facility Agreement are available in a related Form 8-K.
About Motorcar Parts of America, Inc.
Auto Parts of America, Inc. is a remanufacturer, manufacturer and distributor of automotive aftermarket parts – including alternators, starters, wheel bearings and hub assemblies, brake calipers, brake master cylinders, brake boosters, turbochargers and diagnostic test equipment used in imported and domestic passenger vehicles, light trucks and heavy duty applications. Its products are sold to automotive retailers and the professional repair market in the United States, Canada, and Mexico, with facilities located in California, New York, Mexico, Malaysia, China, and India, and administrative offices located in California, Tennessee, Mexico. , Singapore, Malaysia and Canada. In addition, the company’s electric vehicle subsidiary designs and manufactures test solutions for the performance, endurance and production of several electric powertrain components – providing simulation, emulation and production applications for the ‘electrification of the automotive and aerospace industries, including electric vehicles. charging systems. Further information is available at www.motorcarparts.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. Statements contained in this press release that are not historical facts are forward-looking statements based on the current expectations and beliefs of the company regarding future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based on various factors. Reference is also made to the risk factors set out in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) in June 2020 and in its 10-Q Forms filed with the SEC for the additional risks and uncertainties facing business. The company assumes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.